Modesto Dry Yard, Inc. v. Commissioner
United States Tax Court
1. Contracts to purchase packed dried raisins to be delivered in the latter part of the year f. o. b. dock, entered into as a speculation by taxpayer in May, 1937, long prior to the maturity and harvest of grapes, such contracts not being sold until the succeeding year, held, to be capital assets. 2. Held, that the loss sustained on the sales of such contracts in June, 1938, is excludable under section 711 (b) (1) (B), I. R. C., in computing excess profits net income.
1Opinion of the Court
Modesto Dry Yard, Inc., a Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Modesto Dry Yard, Inc. v. Commissioner
Docket No. 14374
United States Tax Court
14 T.C. 374; 1950 U.S. Tax Ct. LEXIS 258;
March 9, 1950, Promulgated
Decision will be entered under Rule 50.
1. Contracts to purchase packed dried raisins to be delivered in the latter part of the year f. o. b. dock, entered into as a speculation by taxpayer in May, 1937, long prior to the maturity and harvest of grapes, such contracts not being sold until the succeeding year, held, to be capital assets.
2. Held, that the…
2Cases cited11 opinions
- Blackwood v. Cutting Packing Co.California Supreme Court · 1888
- Standard Oil Co. v. JohnsonCalifornia Supreme Court · 1944
- Walti v. GabaCalifornia Supreme Court · 1911
- Turner, Kuhn & Fraser, Inc. v. JonesCalifornia Court of Appeal · 1923
- Estate of Makransky v. CommissionerUnited States Tax Court · 1945
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